kk. Subject :- Accounting Use the following information for the Exercises 3-7 below. (Algo)[The following information applies to the questions displayed below.]Laker Company reported the following January purchases and sales data for its only product. For specific identification,ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 unitsfrom beginning inventory.DateJanuary 1January 101January 20January 25January 30ActivitiesBeginning inventorySalesPurchaseSalesPurchaseTotalsReq 13. Does gross profit using weighted average fall between that using FIFO and LIFO?4. If costs were rising instead of falling, which method would yield the highest gross profit?SalesCost of goods soldGross profitExercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1Assume the perpetual inventory system is used.Required:Complete this question by entering your answers in the tabs below.1. Compute gross profit for the month of January for Laker Company for the four inventory methods.2. Which method yields the highest gross profit?Units Acquired at Cost175 units @ $ 10.00= $ 1,750130 units @$ 9.00-1,170$7.00 =1,925$ 4,845$275 units @580 unitsLAKER COMPANYFor Month Ended January 31WeightedAverageSpecificIdentificationReq 2 to 4Compute gross profit for the month of January for Laker Company for the four inventory methods.Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.0 $<10 $FIFO0 $Units sold at RetailLIFO135 units140 units0275 unitsReg 2 to 4 >@$ 19.00$ 19.00

Name: kk. Subject :- Accounting Use the following information for the Exerci
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Description: kk. Subject :- Accounting Use the following information for the Exercises 3-7 below. (Algo)[The following information applies to the questions displayed below.]Laker Company reported the following January purchases and sales data for its only product